em“John Spedan Lewis, founder of the Partnership, gave the business to his ployees; his ultimate goal being to balance their happiness and success. ”
EMPLOYEE - OWNED
BUSINESSES The best of Waitrose
by LISA HUTCHINSON, PARTNER COORDINATION MANAGER AND FORUM REPRESENTATIVE FOR THE ST SAVIOUR BRANCH
The ownership of a company makes a real difference to the ability of the business to do things well.
Employee-owned businesses currently deliver 4% of UK GDP and this is expected to reach 10% by 2020. In 2014, the 50 largest employee-owned companies saw a 25.5% increase in operating profit year-on-year and a productivity increase of 4.5% year-on-year. Sales in employee-owned businesses grew 11.1% in the recession compared to non-employee owned businesses which grew by 0.6%. The UK government has even introduced a series of tax changes to encourage more businesses to convert to the model and allow co-owners in employee-owned businesses to keep more of their annual bonus.
While it is not a new concept, Waitrose, which has been in business locally for nearly five years, is currently believed to be the only employee-owned business in the Channel Islands. This means that the company’s shares are held in trust for the benefit of all employees, known to us as Partners. The Partnership can never be sold and shares are not traded. The profit is then returned to our shareholders, or 90,000 Partners, who each receive the same percentage of salary as a bonus each March.
Statistics for employee-owned businesses have shown that staff tend to be more committed to the success of the business, its corporate social responsibility programmes and its local community, as well as putting customer service at its forefront.
20/20 - Employee Ownership Page 87
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